Point72 Asset Management · Steve Cohen
Latest 13F holdings with ERM3 risk decomposition — how much of the portfolio's return is market beta versus genuine stock-picking, and where the residual risk concentrates.
- Reported AUM
- $61.9B
- Holdings
- 1870
- Top-10 weight
- 15%
- As of
- 2026-06-30
- Filed
- 2026-08-14
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-07-31 → 2026-06-30), modeled subset of holdings. Roughly 12% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+31.5%
Market
+23.3%
Sector
+4.0%
Subsector
+0.2%
Stock selection
+3.8%
Top holdings
1870 reported positions; top 15 shown. “Stock-specific” is the share of each position's variance not explained by market, sector, or subsector factors.
| # | Holding | Weight | Value | Stock-specific |
|---|---|---|---|---|
| 1 | CRDOCredo Technology Group Holding Ltd. | 2.7% | $1.7B | 60% |
| 2 | ASMLASML HOLDING NV | 1.8% | $1.1B | 55% |
| 3 | AMZNAmazon.com, Inc. | 1.7% | $1.1B | 46% |
| 4 | MKSIMKS Inc. | 1.4% | $888M | 51% |
| 5 | ANETArista Networks, Inc. | 1.4% | $873M | 62% |
| 6 | STXSeagate Technology Holdings PLC | 1.3% | $794M | 66% |
| 7 | AMDAdvanced Micro Devices, Inc. | 1.2% | $772M | 42% |
| 8 | TSMTAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | 1.2% | $766M | 35% |
| 9 | SNOWSnowflake, Inc. | 1.2% | $716M | 61% |
| 10 | PGProcter & Gamble Company | 1.0% | $634M | 49% |
| 11 | RTXRTX Corporation | 1.0% | $626M | 46% |
| 12 | COFCapital One Financial Corp | 0.8% | $507M | 37% |
| 13 | ORCLOracle Corporation | 0.8% | $502M | 55% |
| 14 | MDLZMondelez International, Inc. Class A | 0.8% | $475M | 49% |
| 15 | KDPKeurig Dr Pepper Inc. | 0.7% | $457M | 70% |
97% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-08-14.
How concentrated is this book?
Quarter-end concentration across 49 filings from 2014-06-30 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 217.6
- median 193.3
- Top 5 weight
- —
- no median
- Top 10 weight
- 15.0%
- median 14.3%
- Weight HHI
- —
- no median
Effective N is inverse-Herfindahl breadth, not a holding count: it falls well below the number of positions when one name dominates, which is the case worth seeing. This book held 1,870 positions at 2026-06-30.
Interrogate this portfolio
Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with Steve Cohen's.